Spain's Cepsa has won 20 per cent stakes in three oil blocks in the first bidding of the 3rd Round, organised by the Mexican National Hydrocarbons Commission (CNH). The three blocks are in shallow-water areas in the Tampico-Misantla basin in the Gulf of Mexico.
Cepsa will explore two blocks alongside Pemex Exploration and Production and Deutsche Erdoel Mexico, and another block just with Pemex.
The areas obtained by Cepsa, in collaboration with the state company Pemex Exploration and Production and Deutsche Erdoel Mexico, German affiliate of DEA Deutsche Erdoel AG, correspond to blocks 16 and 17. In addition, the Company has obtained block 18 along with Pemex Exploration and Production.
The first two blocks will be operated by Deutsche Erdoel Mexico and the last block will be operated by the Mexican petroleum company. Cepsa will have a 20 per cent stake in each one of the areas, and the first phase of exploration is expected to last four years.
The Tampico-Misantla basin is one of the largest hydrocarbon producing areas in Mexico and its shallow waters offer attractive exploration potential in different geological plays.
The project represents Cepsa’s first entry into Mexico and the expansion of its activities in Latin America, a key region for the Company where it has operated for 10 years. It is also the first collaboration between Cepsa, Deutsche Erdoel Mexico and Pemex.